Exercise 6-63 (Algorithmic) Inventory Costing Methods: Periodic Inventory System (Appendices 6B) The inventory accounting records for Roth Corporation contained the following data: Beginning inventory 400 units at $12 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending ventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. FIFO LIFO Average cost Cost of ending inventory $ Cost of goods sold $ Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Realizable Value RSK-89013 480 $44 LKW-91247 329 45 QEC-57429 462 $38 49 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. 2. Prepare the journal entry required to value the inventory at lower of cost or market. Cost of Goods Sold Inventory (Inventory adjustment to market value)